Reliance Insurance partners Bank of Maharashtra to further customer base

Private life insurer Reliance Nippon Life Insurance Co Ltd on Monday said it has signed a comprehensive bancassurance agreement with rhw public sector Bank of Maharashtra.

In a statement here, Reliance Nippon Life said: "This partnership is aimed at enhancing the bank's customer proposition and positioning the bank as the most preferred financial services supermarket. This partnership further aims to maximise the distribution fee potential for the bank."

Under the deal, a bank is appointed as a corporate insurance agent to sell insurance policies. The tie-up will enable Reliance Nippon Life Insurance to further customer outreach.

"We are delighted to partner with Reliance Nippon Life Insurance as this partnership will further complement the bouquet of financial solutions viz protection, savings and investment solutions that we offer to our customers," Ravindra Marathe, Managing Director, Bank of Maharashtra, was quoted as saying in the statement.

According to him, Reliance Nippon Life Insurance, with a vast distribution coverage of over 700 branches, is uniquely positioned to service the bank's customers and distribution operations across urban and rural markets.

"Bank of Maharashtra presents a very large opportunity and we look forward to deploying technology enabled processes to harness this alliance. Our long-term protection and assured return product suite complements the offering from the Bank," Ashish Vohra, Executive Director & CEO, Reliance Nippon Life Insurance, was quoted as saying in the statement.

"This, together with the Bank's brand salience in its core markets, allows us to leverage our capabilities for maximizing value to our customers," Vohra added.